Austerity: the history of a dangerous idea
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Oxford ; New York
Oxford University Press
2013
|
| Subjects: | |
| Links: | http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=544269 |
| Item Description: | Print version record |
| Physical Description: | 1 online resource |
| ISBN: | 9780199828319 0199828318 |
Staff View
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| 505 | 8 | |a "Conservatives today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we recognize austerity for what it is, and what it costs us."--Provided by publisher | |
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| contents | "Conservatives today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we recognize austerity for what it is, and what it costs us."--Provided by publisher |
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| dewey-ones | 336 - Public finance |
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| dewey-tens | 330 - Economics |
| discipline | Politologie Wirtschaftswissenschaften |
| format | Electronic eBook |
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| id | DE-604.BV045356519 |
| illustrated | Not Illustrated |
| indexdate | 2025-01-11T17:01:38Z |
| institution | BVB |
| isbn | 9780199828319 0199828318 |
| language | English |
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| publisher | Oxford University Press |
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| spelling | Blyth, Mark 1967- Verfasser aut Austerity the history of a dangerous idea Mark Blyth Oxford ; New York Oxford University Press 2013 1 online resource txt rdacontent c rdamedia cr rdacarrier Print version record "Conservatives today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we recognize austerity for what it is, and what it costs us."--Provided by publisher Europäische Union (DE-588)5098525-5 gnd rswk-swf BUSINESS & ECONOMICS / Public Finance bisacsh Budget deficits fast Debts, Public fast Economic development fast Economic policy fast Financial crises fast Fiscal policy fast Income fast Debts, Public Budget deficits Financial crises Economic policy Fiscal policy Economic development Income Finanzkrise (DE-588)7635855-0 gnd rswk-swf Wirtschaftspolitik (DE-588)4066493-4 gnd rswk-swf Sparpolitik (DE-588)4431627-6 gnd rswk-swf Öffentlicher Haushalt (DE-588)4043173-3 gnd rswk-swf Haushaltsdefizit (DE-588)4127588-3 gnd rswk-swf Öffentliche Schulden (DE-588)4043153-8 gnd rswk-swf Währungsunion (DE-588)4188829-7 gnd rswk-swf Finanzpolitik (DE-588)4127795-8 gnd rswk-swf Öffentlicher Haushalt (DE-588)4043173-3 s Haushaltsdefizit (DE-588)4127588-3 s Sparpolitik (DE-588)4431627-6 s Wirtschaftspolitik (DE-588)4066493-4 s Finanzkrise (DE-588)7635855-0 s 1\p DE-604 Europäische Union (DE-588)5098525-5 b Währungsunion (DE-588)4188829-7 s Finanzpolitik (DE-588)4127795-8 s Öffentliche Schulden (DE-588)4043153-8 s 2\p DE-604 Erscheint auch als Druck-Ausgabe Blyth, Mark, 1967- Austerity Oxford : Oxford University Press, [2013] 9780199828302 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Blyth, Mark 1967- Austerity the history of a dangerous idea "Conservatives today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we recognize austerity for what it is, and what it costs us."--Provided by publisher Europäische Union (DE-588)5098525-5 gnd BUSINESS & ECONOMICS / Public Finance bisacsh Budget deficits fast Debts, Public fast Economic development fast Economic policy fast Financial crises fast Fiscal policy fast Income fast Debts, Public Budget deficits Financial crises Economic policy Fiscal policy Economic development Income Finanzkrise (DE-588)7635855-0 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd Sparpolitik (DE-588)4431627-6 gnd Öffentlicher Haushalt (DE-588)4043173-3 gnd Haushaltsdefizit (DE-588)4127588-3 gnd Öffentliche Schulden (DE-588)4043153-8 gnd Währungsunion (DE-588)4188829-7 gnd Finanzpolitik (DE-588)4127795-8 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)7635855-0 (DE-588)4066493-4 (DE-588)4431627-6 (DE-588)4043173-3 (DE-588)4127588-3 (DE-588)4043153-8 (DE-588)4188829-7 (DE-588)4127795-8 |
| title | Austerity the history of a dangerous idea |
| title_auth | Austerity the history of a dangerous idea |
| title_exact_search | Austerity the history of a dangerous idea |
| title_full | Austerity the history of a dangerous idea Mark Blyth |
| title_fullStr | Austerity the history of a dangerous idea Mark Blyth |
| title_full_unstemmed | Austerity the history of a dangerous idea Mark Blyth |
| title_short | Austerity |
| title_sort | austerity the history of a dangerous idea |
| title_sub | the history of a dangerous idea |
| topic | Europäische Union (DE-588)5098525-5 gnd BUSINESS & ECONOMICS / Public Finance bisacsh Budget deficits fast Debts, Public fast Economic development fast Economic policy fast Financial crises fast Fiscal policy fast Income fast Debts, Public Budget deficits Financial crises Economic policy Fiscal policy Economic development Income Finanzkrise (DE-588)7635855-0 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd Sparpolitik (DE-588)4431627-6 gnd Öffentlicher Haushalt (DE-588)4043173-3 gnd Haushaltsdefizit (DE-588)4127588-3 gnd Öffentliche Schulden (DE-588)4043153-8 gnd Währungsunion (DE-588)4188829-7 gnd Finanzpolitik (DE-588)4127795-8 gnd |
| topic_facet | Europäische Union BUSINESS & ECONOMICS / Public Finance Budget deficits Debts, Public Economic development Economic policy Financial crises Fiscal policy Income Debts, Public Budget deficits Financial crises Economic policy Fiscal policy Economic development Income Finanzkrise Wirtschaftspolitik Sparpolitik Öffentlicher Haushalt Haushaltsdefizit Öffentliche Schulden Währungsunion Finanzpolitik |
| work_keys_str_mv | AT blythmark austeritythehistoryofadangerousidea |